On a tip-off, Hemant Khinchi, Narendra Lohar and Shrawan Singh were arrested near the Borkheda police station last night, police said.
Fourty-two pistols, 14 country made pistols two revolvers and 172 live cartridges were seized from their possession, they said.
According to police, the trio was smuggling the arms in a state roadways bus from Madhya Pradesh to Rajasthan.
"They had boarded a bus from Baran, MP and were caught after a check was carried out near the Borkheda police station here. The firearms and ammunition were found inside three bags," police said.